FIRST AMENDMENT TO
REVOLVING NOTE AGREEMENT
This First Amendment to the Revolving Note Agreement ("the AMENDMENT") is
entered into as of March 31st, 2006, by and among Marine Growth Ventures Inc.,
Marine Growth Charter, Inc., Marine Growth Finance, Inc., Marine Growth Freight,
Inc., Marine Growth Real Estate, Inc., and Gulf Casino Cruises, Inc., Delaware
corporations (collectively the "Borrower"), and Xxxxx X. Xxxxxxxx (the
"Lender").
WHEREAS, the Borrower and the Lender are parties to a Revolving Note
Agreement dated as of January 5, 2006 (the "NOTE AGREEMENT") pursuant to which,
among other things, the Borrower promised to pay the Lender the principal sum of
up to Fifty Thousand Dollars ($50,000.00), or so much thereof as shall have been
advanced by the Lender to the Borrower plus interest thereon at an annual rate
equal to ten percent (10%) on the Maturity date of such Note being June 30,
2006.
WHEREAS, the parties desire to make a certain amendment to the Note
Agreement to permit the Borrower to acquire an additional Fifty Thousand Dollars
($50,000.00) in funds from the Lender.
NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained in this Amendment the parties agree as follows:
1. Paragraph One of the Note Agreement is hereby amended and restated to
provide as follows:
FOR VALUE RECEIVED, Marine Growth Ventures Inc., Marine Growth
Charter, Inc., Marine Growth Finance, Inc., Marine Growth Freight, Inc.,
Marine Growth Real Estate, Inc., and Gulf Casino Cruises, Inc., Delaware
corporations (collectively the "Borrower"), having an office at 0000 Xxxxx
Xxxx, Xxxxxxx Xxxxx, Xxxxxxx 00000, hereby promises to pay to the order of
Xxxxx X. Xxxxxxxx (the "Lender"), at the Lender's office located at 0000
Xxxxx Xxxx, Xxxxxxx Xxxxx, Xxxxxxx 00000 or at such other place in the
continental United States as the Lender may designate in writing, upon
demand, in lawful money of the United States, and in immediately available
funds, the principal sum of up to ONE HUNDRED THOUSAND DOLLARS ($100,000),
or so much thereof as shall have been advanced by the Lender to the
Borrower as hereinafter set forth and then be outstanding, and to pay
interest thereon on the Maturity Date at an annual rate equal to ten
percent (10%), as follows:
2. This Amendment constitutes the sole and entire agreement of the parties
with respect to the subject matter hereof. Except as amended hereby, all other
terms and conditions of the Note Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first above written.
LENDER
/s/ Xxxxx X. Xxxxxxxx
-------------------------------
Xxxxx X. Xxxxxxxx
BORROWER
/s/ Xxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxxx
------------------------------- -------------------------------
Xxxx X. Xxxxxxx, Secretary Xxxx X. Xxxxxxx, Secretary
Marine Growth Ventures, Inc. Marine Growth Charter, Inc.
/s/ Xxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxxx
------------------------------- -------------------------------
Xxxx X. Xxxxxxx, Secretary Xxxx X. Xxxxxxx, Secretary
Marine Growth Finance, Inc. Marine Growth Freight, Inc.
/s/ Xxxx X. Xxxxxxx /s/ Xxxx X. Xxxxxxx
------------------------------- -------------------------------
Xxxx X. Xxxxxxx, Secretary Xxxx X. Xxxxxxx, Secretary
Marine Growth Real Estate, Inc. Gulf Casino Cruises, Inc.
